ADVANCED MICRO DEVICES, INC. (NASDAQ:AMD) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Director
On June 30, 2017, the Board of Directors (the “Board”) of Advanced Micro Devices, Inc. (the “Company”) voted to increase the size of the Board from eight directors to nine directors and appointed Mr. Abhi Talwalkar as a director to the Board to fill the resulting vacancy. The Board has determined that Mr.Talwalkar qualifies as an independent director for purposes of the rulesof the Nasdaq Stock Market as well as applicable rules adopted by the U.S. Securities and Exchange Commission (the “SEC”). In addition, Mr. Talwalkar was appointed to the Compensation and Leadership Resources and the Nominating and Corporate Governance Committees of the Board.
Mr.Talwalkar will receive compensation based on the same policies as the Company’s other non-employee directors, which are described in the Company’s definitive proxy statement filed on March8, 2017 (the “Proxy Statement”) with the SEC. On June 30, 2017, Mr. Talwalkar was granted 15,301 restricted stock units. The grant becomes fully vested and exercisable on the one-year anniversary of the grant date.
A copy of the press release announcing Mr. Talwalkar’s appointment to the Board of the Company is attached as Exhibit 99.1 hereto.
Named Executive Officer Base Salary Increases
On June 30, 2017, the Compensation and Leadership Resources Committee of the Board approved the following annual base salary increases for the following named executive officers (as set forth in the Company’s most recent Proxy Statement filed with the SEC), effective July 1, 2017:
|
Name and Title |
2016 Annual Salary |
2017 Annual Salary |
|
Devinder Kumar, Senior Vice President, Chief Financial Officer and Treasurer |
$530,000 |
$550,000 |
|
James R. Anderson, Senior Vice President and General Manager, Computing and Graphics Business Group |
$500,000 |
$530,000 |
|
Mark D. Papermaster, Chief Technology Officer and Senior Vice President, Technology and Engineering |
$550,000 |
$575,000 |
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits.
Exhibit No.Description
|
99.1 |
Press release dated July 3, 2017. |
ADVANCED MICRO DEVICES INC ExhibitEX-99.1 2 talwalkarpressreleasefinal.htm EXHIBIT 99.1 Exhibit NEWS RELEASEContact:Sarah Youngbauer AMD Communications(512) 602-3028sarah.youngbauer@amd.com Laura GravesAMD Investor Relations(408) 749-5467laura.graves@amd.com AMD Appoints Abhi Y. Talwalkar to Board of DirectorsSUNNYVALE,…To view the full exhibit click here
About ADVANCED MICRO DEVICES, INC. (NASDAQ:AMD)
Advanced Micro Devices, Inc. is a global semiconductor company. The Company is engaged in offering x86 microprocessors, as a standalone central processing unit (CPU) or as incorporated into an accelerated processing unit (APU), chipsets, and discrete graphics processing units (GPUs) for the consumer, commercial and professional graphics markets, and server and embedded CPUs, GPUs and APUs, and semi-custom System-on-Chip (SoC) products and technology for game consoles. It operates in two segments: the Computing and Graphics segment, which includes desktop and notebook processors and chipsets, discrete GPUs and professional graphics, and the Enterprise, Embedded and Semi-Custom segment, which includes server and embedded processors, dense servers, semi-custom SoC products, engineering services and royalties. Its desktop PC product brands for microprocessors are AMD A-Series, AMD E-Series, AMD FX CPU, AMD Athlon CPU and APU.